CBOT soybeans settle higher on dry Argentine crop weather

CHICAGO, March 5 (Reuters) - Chicago Board of Trade soybean futures ended higher on Friday as dry weather in Argentina supported concerns about tightening global supplies, analysts said. * Commodity Weather Group said a rain deficit in Argentina, the world's biggest soymeal exporter, was seen "leading to severe yield loss" for 30% of the soy belt in the coming 10 days. * Weather firm Maxar said below-normal rains are forecast in Argentina over the next 15 days, stressing second-crop soybeans. * Traders also adjusted positions ahead of a monthly USDA crop report due out Tuesday. * Analysts expect the USDA will drop its estimate for 2021/21 soy ending stocks to 117 million bushels from 120 million in February, according to a Reuters survey. * Spot basis bids for soybeans were steady to firm at processors around the U.S. Midwest, with dealers looking for supplies to maintain a fast pace of crushing. * The most-active CBOT soybean contract rose 19-1/2 cents to $14.30 a bushel. Last week, the most-active contract traded up to $14.45-3/4 a bushel, the highest price since June 2014. (Reporting by Tom Polansek; Editing by Leslie Adler)

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